When apps like Snapchat and Pokémon Go can do wonders for business, then there’s got to be apps to help you stay on top of your finances when you’re running a small business. Owners of small business startups and SMEs often tend to lose their sanity trying to juggle all the expenses that get incurred, creating invoices and keeping track of all the cash inflows and outflows that occur over time.
This is when technology seems to be the greatest blessing, as it makes business operations so much more simplified and helps you deal with your business finances. After all, the financial aspect of your business is the riskiest and has the most impact on your entire business, as it is the foundation of your business idea. Not only do entrepreneurs need to find ways to manage their finances but also to evaluate their finance options.
With the plethora of both Android and iOS apps at your disposal, you need to make smart choices to steer through the mayhem and end up with the most lucrative apps that will work for your business.
Businesspeople who travel a lot tend to lose track of where they might have spent the largest amount of money. Every expense that you incur and the resulting mileage can be tracked by scanning and uploading a receipt. This highly organized app also includes the functionality of filing receipts by trip and helps generate expense reports. You will know beforehand which employees need to be reimbursed and hence be able to manage your finances accordingly.
Another effective app to manage your finances is the Wave app. It is a professional invoicing app that is the perfect tool for small businesses to create and manage invoices, to make the reception of credit card payments smooth, and also to follow up on the status of an invoice.
You can prepare an invoice on a customized template depending on the nature of the transaction, as your Wave profile has this built-in option. The invoices can also be set on the currency you want the invoice to be made in, making the app applicable internationally. You also have the added advantage of being able to access your records when offline and dealing with the acceptance of payments for the invoices drafted. This seamless integration of all your invoices helps you stay on high alert and responsibly receive all your payments on time so that the business does not suffer any undue losses.
Often among the big chunks of expenses that seem to take up the major part of the attention of a business owner, the day-to-day expenses seem to go unnoticed and do not receive the attention that they require. To stay aware of where your money is going on a daily basis, this app does the job. Your bank accounts and credit cards are all flawlessly synchronized together, bringing valuable information in one place and enables the owner to act as a financial analyst for their company and decide what’s best. In this regard, owners can keep past cashflow trends in mind to predict future cashflows.
This app came into being in 2010 and had successfully completed over 2.5 million transactions in just two years.
If you are a small business owner and are perplexed with how to manage the business finance, then these apps are the right things for you to do in the light of financial ups and downs. Having the right type of tools in your toolbox can help link your business processes, eradicate unnecessary financial complications and save valuable time and financial resources in the process.
Rachael Everly is a business and finance enthusiast and writer